Importance Of Retailing

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1. To offer variety of assortments of products and services to meet the targeted group of consumers needs. For example, supermarkets typically carry approximately 10,000 to 15,000 different items or stock-keeping units (SKUs) consist of about 500 to 1000 vendors. All retailers offer assortments of products, but they specialize in the assortments they offer, for instant, supermarkets provide assortments of food, health, beauty and personal care products, and household and sundry products, while departmental store provides assortments of apparel, shoes, luggage, lingerie, cosmetics, skin care products, fragrances& perfumes, jewelry, accessories, shoes and home furnishing. 2. To buy in bulk and keep inventory and sell in any quantities…show more content…
Why retailing is so important? Retailing not only important to the retailers on how to meet and satisfying consumers needs more effectively and efficiently than its competitors in order to create a competitive advantage edge to achieve sustainable financial performance results in the longer term, but also play an important role for robust economic growth in any countries. We can see retailing businesses is growing at a rapidly rate in countries such as, China, India and South-East Asian countries that contributed to the country’s continuous economic growth. Retailing is so important that it is helping to create employment opportunity, which is one of the nation’s largest industries in any countries. Retailers are offering many opportunities for people with different range of skills to work in the retailing industry as retailing involves with a set of business activities such as human resource functions, marketing functions, purchasing of goods or merchandising functions, accounting and information technology system, store operations and customer service, manage distribution and warehouse system. Retailing also provides entrepreneurial opportunities for those who want to start their own…show more content…
What is retailing concept? The retailing concept is defined as on how to identifying and determining the specific targeted markets needs, and how to satisfying those needs more effectively and efficiently than its competitors in order to create a competitive advantage edge to achieve sustainable financial performance results in the longer term. Retailers are working hard by offering unique merchandise and services that are not easily copy by the competitors. However, to maintain long-term competitive advantage edge is not easy in retailing. Any retailers can buy the same products and sell to the consumers. No retailers can patent a unique store design, exclusive merchandise assortment, or service, for example, if one supermarket develops a successful ready to eat counter, its competitors can easily copy and operate a similar ready to eat counter within a short period. 1.4. What need to know about retailing? Retailers need to have a good understanding of their environment, in particular their customers and competition, in order to develop and implement effective strategies base on the types of retail store formats they are
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